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Commission approves EDC-backed Cornerstone Shopping Center project funding resolution
Summary
On second and final reading commissioners adopted Resolution R26-00006 supporting a Cornerstone Shopping Center project; EDC director Ryan Bradley said the project will bring two tenants and a roughly $4.5 million-plus private investment and that EDC funding is structured 80% up front and 20% on completion milestones.
The commission adopted Resolution R26-00006 on second and final reading to approve a Pampa Economic Development Corporation project with Cornerstone Shopping Center LLC. Ryan Bradley, the EDC executive director, presented the project and said the total private investment is north of $4.5 million for two tenants and that the EDC funding is structured to pay 80% up front with the remaining 20% paid upon 80% construction completion for each tenant.
Bradley told commissioners that the tenants had travel issues and could not attend the meeting but that the EDC has worked with the ownership; he estimated startup construction to begin roughly eight to 12 months after contract execution. The commission carried the resolution by voice vote after a brief staff presentation; city staff said no employee-hiring clause (as used in a previous deal) is attached to the current structure because hiring requirements would rest with individual tenant agreements.
